XML 46 R32.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Investment in Real Estate (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2017
Real Estate [Abstract] |
Summary of investment in real estate | The following table summarizes the Company’s investment in real estate, at cost as of:
| September 30, 2017 |  | December 31, 2016
Land | $ | 1,369,320 |  |  | $ | 1,221,450 |
Building and improvements | 4,526,416 |  |  | 4,217,232 |
Tenant improvements | 389,284 |  |  | 361,108 |
Furniture and fixtures | 8,217 |  |  | 4,264 |
Property under development | 265,661 |  |  | 295,239 |
Investment in real estate, at cost(1) | $ | 6,558,898 |  |  | $ | 6,099,293 |
_____________
(1) | Excludes balances related to properties that have been classified as held for sale.
Schedule of acquisitions competed during the period | The following table summarizes the information on the acquisitions completed during the nine months ended September 30, 2017:
Property |  | Submarket |  | Segment |  | Date of Acquisition |  | Square Feet (unaudited) |  | Purchase Price(1) (in millions)
Sunset Las Palmas Studios(2) |  | Hollywood |  | Media and Entertainment |  | 5/1/2017 |  | 369,000 |  |  | $ | 200.0 |
11601 Wilshire land(3) |  | West Los Angeles |  | Office |  | 6/15/2017 |  | N/A |  |  | 50.0 |
6666 Santa Monica(4) |  | Hollywood |  | Media and Entertainment |  | 6/29/2017 |  | 4,150 |  |  | 3.2 |
Total acquisitions |  |  |  |  |  |  |  | 373,150 |  |  | $ | 253.2 |
_____________
(1) | Represents purchase price before certain credits, prorations and closing costs.
(2) | The property consists of stages, production office and support space on 15 acres near Sunset Gower Studios and Sunset Bronson Studios. The purchase price above does not include equipment purchased by the Company for $2.8 million, which was transacted separately from the studio acquisition. In April 2017, the Company drew $150.0 million under the unsecured revolving credit facility to fund the acquisition.
(3) | On July 1, 2016 the Company purchased a partial interest in land held as a tenancy in common in conjunction with its acquisition of the 11601 Wilshire property. The land interest held as a tenancy in common was accounted for as an equity method investment. On June 15, 2017, the Company purchased the remaining interest, which was fair valued and allocated to land and building.
(4) | This parcel is adjacent to the Sunset Las Palmas Studios property.
Schedule of asset acquisition, purchase price allocation | The following table represents the Company’s final aggregate purchase price accounting, as of the respective acquisition dates, for each of the Company’s acquisitions completed in the nine months ended September 30, 2017:
| Sunset Las Palmas Studios(1) |  | 11601 Wilshire land |  | 6666 Santa Monica |  | Total
Investment in real estate | $ | 202,723 |  |  | $ | 50,034 |  |  | $ | 3,091 |  |  | $ | 255,848 |
Deferred leasing costs and in-place lease intangibles(2) | 1,741 |  |  | — |  |  | 145 |  |  | 1,886 |
Total assets assumed | $ | 204,464 |  |  | $ | 50,034 |  |  | $ | 3,236 |  |  | $ | 257,734 |
_____________
(1) | The purchase price allocation includes equipment purchased by the Company of $2.8 million.
(2) | Represents weighted-average amortization period of 1.21 years.
Schedule of dispositions | The Company’s portfolio consists of properties located throughout Northern and Southern California and the Pacific Northwest. The following table summarizes the Company’s portfolio as of September 30, 2017:
| Number of Properties |  | Square Feet (unaudited)
Office properties: |  |  |
Northern California(1) | 29 |  |  | 9,600,289 |
Southern California(2) | 16 |  |  | 2,817,509 |
Pacific Northwest(3) | 8 |  |  | 1,496,620 |
Total Office properties | 53 |  |  | 13,914,418 |
Media & Entertainment properties: |  |  |
Southern California(2) | 3 |  |  | 1,249,927 |
Total Media & Entertainment properties | 3 |  |  | 1,249,927 |
Total(4) | 56 |  |  | 15,164,345 |
_________________
(1) | Includes the Foster City, Milpitas, North San Jose, Palo Alto, Redwood Shores, San Francisco, San Mateo and Santa Clara submarkets.
(2) | Includes the Burbank, Downtown Los Angeles, Hollywood, Torrance and West Los Angeles submarkets.
(3) | Includes the Lynnwood, Pioneer Square and South Lake Union submarkets.
(4) | Includes redevelopment, development and held for sale office properties.
The following table summarizes the properties sold during the nine months ended September 30, 2017. These properties were non-strategic assets to the Company’s portfolio:
Property |  | Date of Disposition |  | Square Feet (unaudited) |  | Sales Price(1) (in millions)
222 Kearny Street |  | 2/14/2017 |  | 148,797 |  |  | $ | 51.8 |
3402 Pico Boulevard |  | 3/21/2017 |  | 50,687 |  |  | 35.0 |
Total dispositions |  |  |  | 199,484 |  |  | $ | 86.8 |
_________________
(1) | Represents gross sales price before certain credits, prorations and closing costs.
Schedule of components of assets and liabilities associated with real estate held for sale | The following table summarizes the components of assets and liabilities associated with real estate held for sale as of:
|  | September 30, 2017 |  | December 31, 2016
ASSETS |  |  |  |
Investment in real estate, net |  | $ | 302,992 |  |  | $ | 371,422 |
Accounts receivable, net |  | 11 |  |  | 357 |
Straight-line rent receivables, net |  | 5,220 |  |  | 5,949 |
Deferred leasing costs and lease intangible assets, net |  | 13,204 |  |  | 17,798 |
Prepaid expenses and other assets, net |  | 10 |  |  | 959 |
Assets associated with real estate held for sale |  | $ | 321,437 |  |  | $ | 396,485 |
LIABILITIES |  |  |  |
Notes payable, net |  | $ | 214,818 |  |  | $ | 214,687 |
Accounts payable and accrued liabilities |  | 3,229 |  |  | 6,517 |
Lease intangible liabilities, net |  | 5,316 |  |  | 6,588 |
Security deposits and prepaid rent |  | 669 |  |  | 2,643 |
Liabilities associated with real estate held for sale |  | $ | 224,032 |  |  | $ | 230,435 |

X
- Definition Schedule Of Asset Acquisitions, By Acquisition [Table Text Block] + References No definition available. + Details
Name: | hpp_ScheduleOfAssetAcquisitionsByAcquisitionTableTextBlock
Namespace Prefix: | hpp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed In Asset Acquisition [Table Text Block] + References No definition available. + Details
Name: | hpp_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedInAssetAcquisitionTableTextBlock
Namespace Prefix: | hpp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments. + References No definition available. + Details
Name: | us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration